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The Break-even Rule on When to Refinance. Another rule of thumb on when to refinance claims that you should break even. If the money you save in future interest costs equals the money you spend in closing costs, then refinancing makes sense. In truth, you should only pursue a refi when you exceed the break-even point.
LendingTree’s refinance calculator can help you calculate your break-even point (the length of time you’ll need to stay in your house to offset those costs). If you plan to stay in your home longer than the break-even point, refinancing makes sense.
Another rule of thumb on when to refinance claims that you should break even. If the money you save in future interest costs equals the money you spend in closing costs, then refinancing makes sense. In truth, you should only pursue a refi when you exceed the break-even point.
The typical rule of thumb is that, if you can reduce your current. that figure by your savings to determine your break-even point-in this case,
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Which is where rules of thumb come in. They’re better than nothing but simple. That means I would need a 20% return just to break even on dealing costs. Note that’s just an example for the math,
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A main rule of thumb when deciding whether refinancing is right for you is to calculate a basic break-even point on a possible refinance. When you refinance, you pay closing costs up front, similar to when you get an initial mortgage.
Today, a rule of thumb is not enough to make a decision. Instead, divide the cost of refinancing by the monthly interest you’ll save with the lower rate (adjusted for lost tax deductions).
The popular method of calculating the break-even period on a refinance is subject to. Many loan officers use this rule of thumb, which completely ignores how.
Should You Buy Down Your Interest Rate Whether it makes sense to pay discount points depends on one key factor-how long will you have the mortgage. Let’s take a look at an example.
Here's how to calculate your break-even point.. “There are some general rules of thumb that you may have heard along the way, [such as] 'it.